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Low-Income Housing Complex Receives $16M-Plus Rehab Financing

WASHINGTON, DC-A $16.5-million financing package closes for Faircliff Plaza West, a 112-unit affordable housing community. The funds will be used to rehabilitate the property, which sits on Euclid Street NW in a neighborhood that is currently part of a revitalization effort.

By Barbra Murray | Updated on April 07, 2005

WASHINGTON, DC-Changes are in store for Faircliff Plaza West now that a $16.5-million financing deal has closed for the rehabilitation of the 112-unit affordable housing property.

Real estate financing company CharterMac orchestrated the debt and equity financing package for a joint venture involving Eagle Point Enterprises LLC and Somerset Development Co. CharterMac subsidiary Related Capital Co. provided the funds, which came in the form of $4.5 million in equity exchanged for tax credits generated by the property and $12 million in debt financing for tax-exempt bonds generated by the project.

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